Viacom's Product License Success Should Boost Stock

At a young girl's birthday party this past weekend, I saw, heard and even tasted Frozen everywhere. Dresses, tiaras, shoes, cups, plates, balloons, dolls and the music and cake were based on Disney's (ticker: DIS) smash hit movie, released late last year. This was nothing unusual. The Frozen frenzy is playing out all over the world.

Disney is far and away the leader among entertainment companies in consumer products licensing. Its success, already well appreciated by investors, may have as much to do with its licensing...